What is the best way to buy an older car (late 1960's rebuilt) throrugh financing?

Question

I'm 18 and I just got a credit card, maxed it at 500 and payed it off to create credit. Does anyone know a place to get a loan for a 1965 Mustang?

Answer 1

1965 Mustangs are cool, even if I don't own one. Most banks won't finance because the car is too old, plus you don't have much credit history. There are places that specialize in financing collectible cars but at your age and having very little credit history I think you'll have a hard time getting financing. ...but you can try here: http://www.jjbest.com/8075 J.J Best Banc specializes in financing collectible cars. Good Luck! :)

Answer 2

Getting an older car financed is tough. Most banks will only loan on newer models, ones they think they can get their money out of if you default.

You can call various dealers and ask their credit managers of they might know of a finance company who will take the risk.

Also, if you look long enough, you might find classic car financing in the Ebay autos section. I've seen ads before.

Anybody who finances a classic car for you will want you to invest a large percentage of the value in your own cash. They dont want you to be tempted to walk away and forget to pay them when the engine blows up or the front end falls of.

Your best bet is alternative financing such as cash out of a credit card or cards. A home loan of some type if you owned one would work well. Do your parents like this idea well enough to take out a home equity loan? If not, it may be because they have knowlege and experience which you don't.

The conventional wisdom is that if you don't have enough cash to purchase a classic auto, you probably won't have enough money to make the inevitable repairs that come along. You are better off buying a new Mustang which should last a few years, and if your credit is anywhere near OK, then it will be one helluva lot easier to finance.

Answer 3

Your age is working against you I think but there are lenders that will lend money on collectible cars. Maybe even one of your local banks might work with you. Do a web search and see what you come up with.

Answer 4

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